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Late fee under Gst
Late fee paid under Gst is an allowable expenses under section 37 of the Act , Please clarify the correct position . It is nature of penalty or not .
Replies (4)
Not a penalty.... allowable expenses.
It is an allowable expense as I understand.
My ca mention in Audit Report it is penalty . Notice under section 143(a)(iv) received adjustment of that amount , what procedure adopted by me for allowing that expenses as a business expenses
Option 1 - Ask your CA to revise audit report and then respond as disagree.
Option 2 - Accept the adjustment and file revised return if possible if the adjustment amount is small.
Option 2 - Accept the adjustment and file revised return if possible if the adjustment amount is small.
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